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Roofing market in United States is projected to reach a valuation of US$ 39.64 Bn by 2031, growing at CAGR of 4.84% over period 2023-31. The market was valued at US$ 26.20 Bn in 2022.
The roofing market in the US is poised for substantial growth in the upcoming years, with a predicted valuation of $39.64 billion by 2031, a significant increase from its current valuation of $26.20 billion in 2022. Several factors are contributing to this growth, including the expansion of both residential and non-residential construction activities, which will create a surge in demand for roofing services. Additionally, there is a growing emphasis on energy-efficient roofing systems that are environmentally friendly and minimize energy consumption. Consumers are increasingly seeking out sustainable roofing options, like cool roofs that reflect sunlight and reduce heat absorption. The need to repair and replace aging roofing systems in existing buildings is also expected to bolster the growth of the market.
The roofing market in the US is influenced by emerging trends and developments, including the rising frequency of extreme weather events caused by climate change. These weather events, such as hurricanes, tornadoes, and heavy rainfalls, can lead to greater demand for roofing repair and replacement services.
The rise of green and sustainable buildings is another key factor that is likely to fuel the growth of the roofing market. As more building owners and developers strive to achieve LEED certification or other green building standards, the demand for sustainable roofing systems like vegetative roofs or solar roofs is expected to increase. Apart from this, roofing companies can set themselves apart from competitors by offering innovative products and services, such as the use of recycled materials or the development of self-healing roofing systems. These technological advancements can add value to customers and contribute to the growth of the roofing market in the US.
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Increasing Demand for Energy-Efficient and Sustainable Roofing Systems
The demand for energy-efficient and sustainable roofing systems is driven by various factors, including increasing awareness about the adverse effects of carbon emissions on the environment and the need to reduce energy consumption and costs. The popularity of green and sustainable buildings is also a driving force behind the growing demand for energy-efficient and sustainable roofing systems. The adoption of innovative roofing technologies such as cool roofs, which can reduce energy consumption by up to 15%, is contributing to the growth of the US roofing market.
Growing Construction Activities
The growth in construction activities, both in residential and non-residential sectors, is driving the demand for roofing services. The construction of new buildings and infrastructure projects requires roofing solutions, and the need to replace aging roofs in existing buildings is also driving demand. The rise in extreme weather events, such as hurricanes and heavy rainfall, caused by climate change is leading to increased demand for roofing repair and replacement services, creating new opportunities for roofing companies.
Volatility in Raw Material Prices
The roofing industry is highly dependent on various raw materials such as asphalt, metal, and tiles. The prices of these materials can be volatile due to supply and demand imbalances, changes in regulations, and other factors such as natural disasters and geopolitical tensions. The volatility in raw material prices can impact the profitability of roofing companies and increase the prices of roofing services for consumers, leading to reduced demand. This can be a restraint for the growth of the US roofing market as roofing companies may face challenges in managing costs and pricing their services competitively.
By Roof Type
Flat roofs are the dominant segment in the US roofing market with more than 34% market share, and they are commonly used in commercial and industrial buildings. The advantages of flat roofs include their cost-effectiveness, easy installation, and ability to accommodate various roofing materials. They also offer a large usable space on the roof, which can be utilized for different purposes such as rooftop gardens, solar panels, and HVAC systems. Sloped roofs, on the other hand, are typically found in residential properties and have a smaller market share in the roofing industry. Sloped roofs offer a more traditional look, better drainage, and can withstand harsh weather conditions.
By Material Type
Spray polyurethane is the leading material type in the US roofing market with more than 24% market share due to its excellent insulation properties, durability, and versatility. It is commonly used in both commercial and residential roofing applications, and it offers several benefits, including energy efficiency and improved indoor air quality.
Asphalt shingles, another popular material, are known for their affordability, ease of installation, and wide range of colors and styles. Metal roofs are highly durable, energy-efficient, and can last for several decades, making them an ideal choice for both residential and commercial properties. Tiles, made of various materials such as clay, concrete, and slate, are a durable and aesthetically pleasing option commonly used in residential roofing.
Roof installation is the dominant service in the US roofing market, capturing more than 39% of the market share. New construction and roof replacements drive this segment's growth, and it is typically offered by specialized roofing contractors who have experience in handling different roofing materials and designs.
Roof repair and maintenance services are also essential in the roofing industry, as they help prolong the lifespan of existing roofs and prevent costly repairs. These services include regular inspections, repairing leaks, replacing damaged shingles or tiles, and clearing debris from the roof. The demand for roof repair and maintenance services is expected to grow in the coming years as property owners seek to maintain and extend the lifespan of their roofs.
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By End User
The US roofing market can also be analyzed by end-users, with the residential and commercial segments being the primary categories. According to industry projections, the residential segment is expected to generate more than 38% revenue share in the coming years. The residential segment includes all types of homes, ranging from single-family houses to multi-family buildings such as apartments and condos. The growth in this segment is driven by various factors, including the increasing number of new housing construction projects, the need to replace aging roofs in existing homes, and the rising demand for sustainable roofing options.
In contrast, the commercial segment includes all non-residential buildings, such as office buildings, retail stores, and industrial facilities. The growth in this segment is driven by the expansion of new commercial construction projects, the need to replace aging roofs in existing buildings, and the increasing demand for energy-efficient roofing solutions that can reduce operating costs.
Top Players in the US roofing Market
Markey Segmentation Overview
By Roof Type:
By Material Type
|Market Size Value in 2022||US$ 26.20 Billion|
|Expected Revenue in 2031||US$ 39.64 Billion|
|Unit||Value (USD Bn)|
|Segments covered||By Roof Type, By Material Type, By Services, By End Users|
|Key Companies||3M Company, Atlas Roofing Corporation, BASF SE, Berkshire Hathaway Inc., Carlisle Companies Inc., Certain Teed Corporation, DoW Chemical Company, Dupont de Nemours Company, Duro-Last Inc., GAF, IKO Industries Ltd, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
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